Today's homework is a bit of a stretch, mainly due to the PPI issue causing uncertainty in the market regarding a rate cut in September. Previously, under Bessen's remarks, the market was not only confident that the Federal Reserve would cut rates in September, but some investors even believed that a 50 basis point cut was possible. However, today's PPI data from the Bureau of Labor Statistics significantly increased inflation, making it a gamble not just for a 50 basis point cut, but even for a 25 basis point cut.

But whether the data is useful, I still maintain my usual viewpoint that the current data is not very significant, as the focus remains on the game between Trump and the Federal Reserve. As long as Trump’s people have enough votes in the September meeting, then regardless of whether the PPI data rises by 1% or even 5%, Trump may still push for a rate cut.

Of course, I believe that the Federal Reserve's board members do have a sense of responsibility. If the increase is only slight, following Trump's remarks is not a problem, but if it really rises significantly, maintaining a 25 basis point cut would already be quite good. Next, we still need to see what cards Trump has left. Today, Bessen mentioned considering using other methods to acquire $BTC to support the U.S. Bitcoin strategic reserve, which is one of those cards.

Today, due to the historical high, there is no URPD data. Additionally, there were concerns yesterday about whether there would be a URPD gap after reaching a new high, but fortunately, there was not.

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